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Breaking News:

Asian Oil Imports Dropped in April

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Deutsche Bank Unit CEO Resigns Over Greenwashing Raid

Deutsche Bank Unit CEO Resigns Over Greenwashing Raid

Jun 01, 2022 at 12:07 | Charles Kennedy

The CEO of a Deutsche Bank subsidiary resigned Wednesday, just a day after German authorities launched a heavy-handed raid on the company’s offices in Frankfurt over allegations of…

Libya's Oil Losses Mount On Pipeline Leak

Libya's Oil Losses Mount On Pipeline Leak

Jun 01, 2022 at 11:27 | Charles Kennedy

Libya is losing another 22,000 barrels per day due to a pipeline leak at the Sarir Tobruk oilfield blamed on delayed budgets that have left the operating company…

OPEC+ Panel Didn’t Discuss Suspending Russia’s Oil Quota In The Deal

OPEC+ Panel Didn’t Discuss Suspending Russia’s Oil Quota In The Deal

Jun 01, 2022 at 10:37 | Tsvetana Paraskova

The Joint Technical Committee (JTC) of the OPEC+ group did not discuss suspending Russia’s quota in the oil production deal at the meeting on Wednesday ahead of Thursday’s OPEC+ ministerial…

UK, EU Shut Russian Oil Out Of Maritime Insurance Market

UK, EU Shut Russian Oil Out Of Maritime Insurance Market

Jun 01, 2022 at 09:25 | Irina Slav

The UK and the European Union have agreed to jointly shut off Russia’s access to oil cargo insurance, the Financial Times reported, which would severely affect its ability to…

Russia, Saudi Arabia Signal OPEC+ Is Going Strong

Russia, Saudi Arabia Signal OPEC+ Is Going Strong

Jun 01, 2022 at 08:25 | Irina Slav

The OPEC+ alliance is solid, with the level of cooperation within it strong, according to a statement issued by the Russian Foreign Ministry following a meeting between Foreign Minister Sergey…

Rising Energy Prices Could Tip World Into 1980s-Style Recession

Rising Energy Prices Could Tip World Into 1980s-Style Recession

May 31, 2022 at 14:47 | Julianne Geiger

Rising energy prices and boxing Russian crude oil out of the global market risks a global recession, Bank of America's head of global commodities and derivatives research Francisco Blanch warned…

OPEC Considers Suspending Russia From Oil Deal

OPEC Considers Suspending Russia From Oil Deal

May 31, 2022 at 13:24 | Julianne Geiger

Some OPEC members are mulling over the possibility of suspending Russia from the OPEC+ deal that limits the amount of crude oil that each member can produce, the Wall Street…

Double-digit Inflation Prompts Russia To Raise Wages, Pensions

Double-digit Inflation Prompts Russia To Raise Wages, Pensions

May 31, 2022 at 12:14 | Charles Kennedy

The federal Russian government will increase minimum wages and pensions from June 1 as it seeks to counter the effects of double-digit inflation closely linked to Western sanctions. Inflation in…

Ukraine Takes Control Of Ukraine-based Tatneft Assets

Ukraine Takes Control Of Ukraine-based Tatneft Assets

May 31, 2022 at 11:28 | Julianne Geiger

Ukraine’s State Bureau of Investigations (DBR) has taken control of all Tatneft assets in the country, along with any companies linked financially to Tatneft, DBR said in a statement to…

Russian Oil Sells At Huge Discounts

Russian Oil Sells At Huge Discounts

May 31, 2022 at 10:31 | Tsvetana Paraskova

Russia’s flagship crude grade, which was sold mostly to Europe before the Russian invasion of Ukraine, is still selling, but predominantly in Asia, and at a huge discount to Dated…

UK Gasoline Prices Hit Record High, Set For Further Rise

UK Gasoline Prices Hit Record High, Set For Further Rise

May 31, 2022 at 09:28 | Tsvetana Paraskova

As in many parts of the world, gasoline prices in the UK hit a fresh record high on Tuesday amid rallying oil prices after the partial EU ban on Russian…

Oil Prices Spike As EU Clinches Deal To Ban Most Russian Imports

Oil Prices Spike As EU Clinches Deal To Ban Most Russian Imports

May 31, 2022 at 08:51 | Tsvetana Paraskova

Oil prices rose early on Tuesday after the EU managed overnight to reach a compromise deal on banning Russian oil imports, expecting to effectively ban 90% of Russia’s oil flows…

EU Ban On Russian Oil Could Send Crude Prices Above $130

EU Ban On Russian Oil Could Send Crude Prices Above $130

May 31, 2022 at 07:58 | Tsvetana Paraskova

Brent Crude prices are set to average just over $107 per barrel in the second quarter, the latest Reuters poll of analysts showed on Tuesday, but some experts expect…

Greece Warns Shipping Lanes Not Safe From Iran

Greece Warns Shipping Lanes Not Safe From Iran

May 30, 2022 at 16:34 | Charles Kennedy

The Greek government on Monday warned vessels to avoid any shipping routes controlled by Iran after Iranian forces seized two Greek-flagged oil tankers late last week in retaliation…

Mexico's Spend On Fuel Subsidy Is Double Its Oil Exports Revenue

Mexico's Spend On Fuel Subsidy Is Double Its Oil Exports Revenue

May 30, 2022 at 16:16 | Charles Kennedy

Mexico faces budget pressures as it now spends double the money on subsidizing domestic fuel to keep inflation in check than the money it receives from exporting oil, even at…

Gazprom Cuts Off Gas Supply To The Netherlands

Gazprom Cuts Off Gas Supply To The Netherlands

May 30, 2022 at 12:20 | Cyril Widdershoven

The threat of cutting off gas supplies, if not being paid in Rubles, is taking another casualty. Russian gas giant Gazprom has announced that it will stop gas supplies to…

Denmark Fully Prepared To Be Cut Off From Russian Gas

Denmark Fully Prepared To Be Cut Off From Russian Gas

May 30, 2022 at 11:04 | Charles Kennedy

Denmark has joined the list of countries refusing to pay for Russian gas using a ruble conversion scheme, prompting the country’s state-run gas company on Monday to warn…

U.S. Gasoline Prices Surge To New Record High On Memorial Day

U.S. Gasoline Prices Surge To New Record High On Memorial Day

May 30, 2022 at 10:01 | Tsvetana Paraskova

U.S. gasoline prices hit a new all-time high on Memorial Day, the start of the summer driving season, with the national average exceeding $4.61 per gallon. On May 30, the…

Lukoil Exec: Russia Should Cut Oil Production By 30% To Get Higher Prices

Lukoil Exec: Russia Should Cut Oil Production By 30% To Get Higher Prices

May 30, 2022 at 09:51 | Tsvetana Paraskova

Russia should reduce its oil production by 20 to 30 percent to around 7 million bpd – 8 million bpd in order to get better prices and not have to…

Serbia Inks Three-Year Gas Deal With Russia

Serbia Inks Three-Year Gas Deal With Russia

May 30, 2022 at 09:13 | Irina Slav

While the European Union is scrambling to find ways to import less gas from Russia, Serbia has bucked the trend, with President Alexander Vucic announcing today a new three-year gas…

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